Wednesday, Jul 28, 2010
Low rates for another year?
Reuters: Bank's King says monetary stimulus should remain
"Britain's surprisingly strong second quarter growth reading does not mean the country's interest rate setters should put their foot on the brake, B of E Governor Mervyn King said on Wednesday"
Posted by alan @ 02:38 PM (1398 views) Add Comment
9 Comments
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1. mark wadsworth said...
The Home-Owner-Ists have painted us into a right old corner here, my assumption would be that rates will be this low for years and years while all crumbles slowly around us.
But hey, we've got to try and keep the land price/credit bubble inflated!! Even if we know we will fail.
2. dill said...
Country's participants say "your post will not be renewed after 2013"
We're not paying you to interview for the job, Mervyn. We're paying you to do it. Fail on both counts.
Where are the good people?
The so called 'talented' ( Mervyn King's own words) people are sycophants to the old, failed system. The UK desperately needs something new. Where's it going to come from? Sans outright prostitution (which it's very good at).
3. mrflibble said...
Interest rates staked down and left for the crows and more money printing at the first sign of deflation. All designed to look after the hard working mortgage payer - while the rest of us are left to rot.
Still there are some good things happening at the minute, Sterling is going up and Gold is going down, even more so in Pounds. If anyone is looking to rid themselves of our rotten currency then maybe the chance will come around again.
4. estrader said...
Peter Schiff says it all. about 2m:40 into the vid.
http://www.youtube.com/watch?v=F1zzcuk7JQM
5. alan said...
This approach is deliberately biased towards all the greedy people who took on mortgages they couldn't pay. Savers were, and still are being abused.
Any excuse is being used to keep rates down. 3 montrhs ago it was worries about a double dip recession! I wonder how many BtLs are owned by the MPC?
6. easybetman said...
I think Mervin job is to ensure monetary stability and protecting the value of the papers that his employer print...not to prop up asset market...
7. This comment has been removed as it was found to be in breach of our Blog Policies.
8. dill said...
@6. easybetmen
What monetary stability? They've been increasing M4 by close on 10% yoy for years - and allowed all sorts of fake currency to circulate with it. Add in a dose of velocity - and hey presto, you've lost all control. No wonder thay we're being quizzed about regulation, this afternoon. I actually felt sorry for Andrew Sentence - he looked like a man in the minority. But you can bet your bottom Pound, the Leaders of this blessed isle will only ever do what they perceive to be the 'majority' view - because it keeps them elected; in a job; or solvent when everyone else is going to the wall. Pitiful. But they will pay eventually - one way or another.
9. Davepage said...
"Sterling is going up ... If anyone is looking to rid themselves of our rotten currency then maybe the chance will come around again".
Exactly -- beat the bubbleconomics by jumping ship to another country (the US in my case); who cares what happens to UK house prices under such circumstances. When the £ hits $2 again, I'm off.